Its highly unlikely that the cord has asbestos insulation, but the only true way to confirm is to send a sample to a lab. If your gentle with it and don't crumble it all should be well.
SOURCE: Repair manual for T2020WT
Hey annaway, all toasters are repairable, but that only determines what the problem is, If you google teh type of toaster, under the following
1. www.google.ca
2. type repair manual
3. toasters
4. look for your brand name
SOURCE: Can an old Toastmaster toaster be refurbished?
there is no manual forthe repair of toasters . but the toaster you have is a common one on e bay , i dont see one right now but there have been a few over the years , and a well used one sells for around 10.00 , it may not work but its great for parts ( i collect and restore kitchen appliances) so i would take a look . you might find a cream puff for 20 .00 and put yours into retirement ..... other than e bay there not a lot of resources out there for parts . good luck ........Please if this answer helped , please rate this 3 or 4 stars . and keep me in the paid answer department . A 1 or 2 may knock me down into the unpaid ranks. Thanks Cactus Bob
SOURCE: Toaster won't stay down. Toastmaster Toaster
The contacts on my magnetic lock (lever) had some crumbs and build up on it. I had to take it apart but just cleaning it made mine work fine again.
SOURCE: toaster needs new heat coil
Find a comparable model at flea shops, yard sales, or e-bay and take the parts off and install them on yours.
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